Downing One VCT Plc Downing One Vct Plc : Vct Rule Changes

 
TIDMDDV1 
 
   Downing ONE VCT plc 
 
   LEI: 213800R88MRC4Y3OIW86 
 
   VCT rule changes and intention to publish a Supplementary Prospectus 
 
   21 December 2017 
 
   On 22 November 2017, as part of the Annual Budget, Her Majesty's 
Government published proposals for changes to the Venture Capital Trusts 
regulations 
 
   The proposed changes seek to focus future activity by VCTs on growth 
businesses where the investment carries a significant risk. Draft 
legislation has subsequently been published detailing a principles-based 
test which HMRC will apply to new VCT investments. 
 
   As this stage, it is not exactly clear of the impact of the new 
requirement, however it is likely that there will be less scope for the 
Company to make "income-focused" investments as set out in its 
Investment Policy. At this stage, the Board will review developments and 
will consider modifying the Company's Investment Policy in due course. 
 
   In the short term, the Board does not believe that the new regulations 
will have a significant impact on the risk profile of the portfolio as 
the Company has a significant proportion of its funds already invested. 
 
   The Company published a prospectus in respect of Offers for Subscription 
on 7 September 2017. In view of the rule changes announced, the Board 
intends to shortly publish a Supplementary Prospectus as they consider 
the changes may constitute a significant new factor for investors. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Downing ONE VCT plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

December 21, 2017 12:17 ET (17:17 GMT)

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